The agreement is set to enter into force 60 days after six countries have ratified it, with Singapore, Japan, and Mexico also having passed the law.

"This landmark agreement is one of the most comprehensive trade deals ever concluded, and strips 98 percent of tariffs for 11 countries with a combined GDP of more than $13.8 trillion and close to 500 million consumers," Prime Minister Scott Morrison and Minister for Trade, Tourism and Investment Simon Birmingham said in a joint statement.

"Independent modelling shows Australia is forecast to see AU$15.6 billion in net annual benefits to national income by 2030 from the TPP 11.

"Our government will continue to pursue a trade agenda that opens new markets for Australian businesses and creates certainty for exporters. It is a key plank of our government's plan to further strengthen our economy."

Speaking to media at a doorstop in Canberra on Wednesday, Morrison paid tribute to former Prime Minister Malcolm Turnbull and former Trade Minister Steve Ciobo for pushing the TPP trade deal despite the withdrawal of the United States at the beginning of 2017.

"When others said this couldn't be done, our government continued on and made sure we could connect Australia to half a billion consumers around the world and some almost $14 trillion worth of economies that are there that we can now access," Morrison said.

"I can't underscore enough how this agreement demonstrates our government's commitment to expanding our trade markets. It's pretty easy to walk away from these sorts of things, and we saw the opposition um and ah over the China free trade agreement, we saw them actually parody this agreement, parody what we've been able to achieve.

"Australia is an open, trading nation."

In response to questions about whether free trade agreements would erode local jobs, the prime minister said the government is opening up more markets for Australian companies to enter.

"When you invest in these agreements, when you invest in lower taxes, when you invest in infrastructure, when you invest in technology and in science, which is what our government has been doing, that gives you the edge that makes sure that Australian companies continue to have the edge," Morrison added.

However, data released yesterday by the Department of Industry, Innovation and Science showed investment by Canberra in science, and research and development is now at its lowest level since the 2010-11 financial year.

"These new figures come on top of last year's tables which showed that in real terms science, research, and innovation funding has declined by AU$358 million since 2013," Shadow Minister for Innovation, Industry, Science and Research Senator Kim Carr said in a statement.

"The Abbott/Turnbull/Morrison government talks a big game on science and research, but the facts are very different."

South Korea, Thailand, and Indonesia have shown "strong interest" in joining the TPP, Turnbull said previously, as well as Colombia. The United Kingdom, which will complete Brexit next year, could also potentially join the TPP, according to Turnbull.

"While Japan and South Korea would like us to go back into TPP, I don't like the deal for the United States," Trump tweeted in April.

"Too many contingencies and no way to get out if it doesn't work. Bilateral deals are far more efficient, profitable and better for OUR workers. Look how bad WTO is to U.S."

While Turnbull had also previously suggested that the TPP could be opened up to China, the Chinese government expressed unwillingness to join, instead favouring the Regional Comprehensive Economic Partnership (RCEP), which is being negotiated between China, Australia, India, Japan, South Korea, New Zealand, Singapore, Malaysia, Vietnam, Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, and Thailand.

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